Energy and petrochemicals major Eni S.p.A. has recorded a 32.8 percent year on year reduction on polymers and chemicals revenues to $2.3 billion in 2023. The parent of supplier Versalis linked the reverse to a 144,000 metric ton dip in sales volumes and 25.9 percent fall in average selling prices.

The sales decline included a 13.9 percent decline in sold volumes of elastomers, according to the Italian group's 2023 annual report, issued April 5. In the elastomers arena, Eni noted sales of butadiene rubber down by 23.4 percent, nitrile rubbers down 16.8 percent and SBR down 6.1 percent. Average unit prices decreased by 18.9 percent.

Overall polymer production decreased by 11.5 percent year-on-year to 1.658 million tons including a 16.2 percent decline in elastomers production. Reviewing the performance of Versalis in 2023, Eni said the business posted an adjusted operating loss of $664 million - compared to a loss of $267 million in 2022.

Losses at the polymers and chemicals unit were linked mainly to a "slowdown in the macro environment" and comparatively higher energy-related production costs in Europe. Versalis was the world's ninth largest synthetic rubber producer in 2022 with an annual capacity of 683,000 tons, figures issued last year by the International Institute of Synthetic Rubber Producers show.